All Forum Posts by: Wes Brumit

Appreciate the responses but I'd rather pay off my primary first and free up my cash flow before I purchase an investment property. I understand I could go a different route and purchase rentals but I'm more interested in what people think of this strategy, to pay down my primary mortgage. Is it feasible? Are there any pitfalls? Not being rude, but answers so far haven't addressed the actual question. 

I've recently seen people giving advise to take out a HELOC as a means to pay your normal everyday expenditures including bills, and at the same time, taking your paycheck from job and applying it every month towards your mortgage payment. The goal is to pay off your mortgage in 4-10 years as opposed to just making the normal payment for another 20+ years. Has anyone done this? What are pros and cons? I did the calculation on my primary property and would have mine paid off in 4.3 yrs instead of 13. Looking for more input before I make a decision

@Reuben H.FYI, WF is about 1 1/2-2hours north of Dallas. No where near East Texas.

@Peter York as an insurance agent I would never recommend a whole life policy to anyone much less a 20 something with no family. Whole life is just that, a hole for your money. The fees and expenses outweigh any perceived interest in the cash value of your policy. If you want a permanent policy, go with an Indexed Universal Life policy. The cash value will grow based on popular market indexes and won’t cost as much. Premiums are also lower than whole life policy’s.

I would however, look at combining a term policy with an IUL. Keep your cost down, get more coverage and use the money you save not purchasing an expensive whole life policy and invest it in actual investments, ie RE.

Hey BiggerPockets,

I'm looking to connect with investors, rehabbers and wholesalers, to learn the ropes, and get advice. If you have the time to teach/mentor, I'm willing to help you in your business. 

Thanks in advance

Looking for Shreveport/Bossier Investors, Have a line on property you might be interested in. Helping out family friend.

@Mike M.  @Tom Keith @Cynthia Long 

Reminder Saturday is our scheduled meeting beginning at 11:00am at the Holiday Inn Express in Longview. I'd like to get a head count of who is coming. Please let me know if you and/or someone you know will be there.

Reminder to come to our first event here in Longview. All are invited. If you do plan on coming, please let us know so we have a good expected head count.

I have family in that area and was just there this last weekend. I also spent some time at AFB some 20 years ago. The area has definately changed over 20 years. Looked like there might be some good opportunities there but I have a question for @Josh James . It appeared that Sheppard was dead. I stayed on base for the wknd. Many of the schools and jobs on base are no longer there. Golf course closed down, No chapel services on Sunday. To me it looked like the Air Force was no longer an active member of the community. That would mean a downturn in the local economy, as well as no one seeking properties to buy. At least around the base. Would I be wrong. You live there so I defer to you but I would do a lot of research before investing there.

@Bill Gulley Thanks, I won't do anything until I'm fully aware of the in's and out's. I'm experienced enough in the financial industry albeit not in the lending field. The discussions on the forums regarding 401k's and self directed IRA's got my wheels turning though. This is all under building a Private lenders/investors list too.